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Agricultural Income

India’s Super-Rich Pay Less than 1% of their Wealth in Taxes, Study Reveals

Kavi Priya

A new study shows that the richest people in India pay very little income tax compared to much wealth they own. The study was done by Ram Singh, a...

ITAT aside addition of Rs. 26,18,834 & accepts assessee’s Joint Agricultural Income Claim [Read...

Taxpayer Responsible to Prove Land's Agricultural Status to Claim Capital Gains Tax Exemption:...

Taxation of Agricultural Income under Charitable Trusts under the Income Tax Act, 1961

ITAT Partly allows Agricultural Income Claim, upholds Disallowance of Portion due to Lack of...

Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) in Mumbai recently ruled that income from the sale of white button mushrooms cultivated indoors should be classified as "agricultural income" under Section...

Will Executed on Plain Paper Admissible as Income Proof: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) recently opined that a Will executed even on a plain paper is admissible while adjudging an Appeal regarding an Assessee’s disputed...

Sufficient Documentary Evidence: ITAT directs AO to treat Income as Agricultural and not from Other Sources [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) in a recent judgment directed the Assessing Officer ( AO ) to treat Income of an Assessee as ‘Agricultural Income’ in light of...

What do you mean by Net Asset Value in Mutual Funds?

What do you mean by Net Asset Value ( NAV ) in Mutual Funds? Net Asset Value can be defined as the price per unit of a mutual fund. It represents the worth of each unit owned by an investor. ...

Mutual fund - Net Asset Value - NAV - NAV in mutual fund - price per unit - price per unit of a mutual fund - taxscan

Taxpayer provides proper explanation and Documentary Evidence for Agricultural Income: ITAT deletes addition of Rs.16.4 Lakhs [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs.16.4 lakhs after the taxpayer provided a proper explanation and documentary evidence for their agricultural...

Income Tax E-filing Update: Latest Excel Based Utility and JSON Schema for ITR-1 to ITR-7 now Available to Download for FY 2022-23 in Portal

The Income Tax Department has updated the income tax portal with the latest excel based utility and JSON Schema for e-filing of Income Tax Returns for the FY 2022-2023 or AY 2023-2024. These are...

Rental Income received from Agricultural Land shall be exempt from Tax and be treated as Agricultural Income: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the rental income received from the agricultural land shall be exempt from tax and be treated as agricultural income. The...